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Evolving toward a modernized compliance program

Compliance professionals have long recognized the value-add that the compliance function can bring to a company, but they never quite had a strategic roadmap for advancing across the maturity curve until now.

At its foundational level, compliance prevents, detects, responds, and remediates risk. Traditionally, that has entailed meeting basic compliance requirements; having a compliance role in place; conducting risk assessments and training; and utilizing basic data technology capabilities to support compliance reporting.

The question many compliance officers are wrestling with today, however, is how to reach that next stage of maturity—a modernized state that builds upon traditional compliance tasks and begins to add value to the business. “It’s really about taking the compliance function, in general, and making it more proactive and predictive,” says Tom Nicolosi, a principal in Deloitte’s advisory practice.